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Weak Data Over 50Bp ECB Hike

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Unwind some of the loss


EGBs trade in negative territory, but have faded earlier loss.

  • Bund is back at mid range 175.48, and some decent volumes have gone through, especially given UK holiday.
  • BTP have lagged somewhat behind and are 1.4bp wider versus the German 10yr.
  • Worth noting, that for semi core, volumes have been on the low side but we are staring to see spread being initiated, particularly in BTP.
  • A third of the BTP volume has been roll related and this should start picking up towards the end of the week.
  • Other peripheral, are mixed against the Bund, and best performer is Greece at 1.6bp tighter on the day.
  • Bund futures are down -0.17 today at 175.51 with 10y Bund yields up 1.1bp at -0.399% and Schatz yields up 0.7bp at -0.665%.
  • BTP futures are down -0.40 today at 146.38 with 10y yields up 2.8bp at 1.071% and 2y yields up 1.8bp at -0.87%.
  • OAT futures are down -0.17 today at 167.43 with 10y yields up 1.1bp at -0.99% and 2y yields up 0.8bp at -0.597%.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

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